NIFTY OUTLOOK FOR 3 JAN 2020
The Sensex and Nifty nosedived
in today's session as markets suffered their worst day in six months after US
President Donald Trump issued a threat to impose sanctions on Iraq amid
escalated tensions with Iran in the Middle East. United States killed a top
Iranian military commander in Iraq on Friday, which led to surge in gold and
crude oil prices internationally and a drop in equities. The Sensex plummeted
as much as 851 points while the Nifty dropped as much as 252 points to 11974.
Some more choppiness could be witnessed in the upcoming
session. Today’s swing low of 11974 levels could help bears to rule. Now 12000
levels has become an impotent level for nifty. Only above 12000 levels could
help bulls to comeback in the ground. Traders
should trade with proper strategy in such scenario. It looks prudent for traders to avoid short-term bets and
focus on any breach of larger trend, which may chalk out the future course of
action for the indices. The 11900 level still looks like a sacrosanct support,
a breach of which shall take the Nifty below the 11800 level. A decisive close
above the 12055 level should usher in a sustainable uptrend. More about intraday tips on Google +
Resistance: 11950, 11900, 11800
Support: 12000, 12055, 12100
No comments:
Post a Comment